The impact of the COVID-19 outbreak on Chinese-listed tourism stocks

Financial Innovation

Table 6 AARs and CAARs from days 0 to 19 of the epidemic resurgence in Beijing

t	CAARs (0, t)	AARs	CARs < 0 (%)
0	− 0.001567	− 0.001567	55
1	0.005127	0.006694***	46
2	− 0.002952	− 0.008079***	58
3	− 0.006295	− 0.003343	61
4	− 0.017161***	− 0.010866***	61
5	− 0.020954***	− 0.003794*	68
6	− 0.033174**	− 0.012220***	64
7	− 0.042277***	− 0.009103***	78
8	− 0.047280***	− 0.005002**	80
9	− 0.051588***	− 0.004309*	84
10	− 0.055520***	− 0.003931*	81
11	− 0.052063***	0.003456	83
12	− 0.050985***	0.001078	83
13	− 0.049305***	0.001680	81
14	− 0.042733**	0.006572***	78
15	− 0.047504**	− 0.004771**	81
16	− 0.051361***	− 0.003857*	84
17	− 0.051938**	− 0.000577	78
18	− 0.047702**	0.004236*	78
19	− 0.032866	0.014836***	77

CAARs represent the cumulative average abnormal returns. AARs denote the average abnormal returns. t statistics in parentheses. *p < 0.1; **p < 0.05; ***p < 0.01